[Funding alert] Home appliance startup Atomberg Technologies raises $10M in Series A round led by A91 Partners
Mumbai-headquartered startup Atomberg Technologies on Wednesday said that it has raised $10 million as a part of its Series A round led by A91 Partners. The round also saw participation from Whiteboard Capital Fund, the early stage fund founded by Sandeep Tandon (serial entrepreneur and Co-founder of Freecharge), as well as existing investor Survam Partners (family office of Hero Group’s Suman Kant Munjal).
The startup had previously raised a total of $2.5 million from IDFC Parampara and Survam Partners.
The startup looks to use the fresh funds for amplifying its distribution network across all metro and non-metro cities, while doubling its existing R&D team count to strengthen its IP and develop a competitive and differentiated product pipeline.
Atomberg Technologies also plans to expand the current product portfolio to include more products built on its core value proposition.
Founded in 2012 by Manoj Meena and Sibabrata Das, Atomberg Technologies entered the ceiling fans industry in 2015, and manufactures energy efficient and smart ceiling fans named Gorilla.
Commenting on this announcement, Manoj Meena, CEO & Co-Founder of Atomberg Technologies, stated,
“We are excited to partner with A91 Partners as they have had a lot of experience in helping scale up multiple consumer businesses in India. With Sandeep, who is an expert in electronics manufacturing, we are happy to use his knowledge to streamline and expand our manufacturing expertise. Extremely thrilled and excited for the next phase of growth.”
In addition to this, Manoj Meena also added that they are excited to have successfully scaled the business to an annual revenue run rate of Rs 100 crore in the consumer space and are bullish about expansion to all metro and non-metro cities this year.
The startup also has established itself across cities like Mumbai, Pune, Delhi, Bengaluru, Chennai, Hyderabad, Kolkata, and Ahmedabad markets, has over 300 service centres, a statement said.
Abhay Pandey, Co-founder of A91 Partners, said,
“We believe in partnering with exceptional founders building the next generation of enduring Indian businesses. Atomberg has done a fabulous job in disrupting a traditional category which had not seen a lot of innovation. They are solving real consumer problems and catering to an evolving set of Indian consumers who demand the best products. And because of their technology strength and current market position, they are well positioned to build a strong brand in the household appliances category."
A91 Partners, a new VC fund founded by former partners at Sequoia Capital India, aims at focusing on aspirational entrepreneurs and high-growth startups across technology, consumer durables, healthcare and financial services.
Atomberg’s smart ‘Gorilla’ range of fans claim to be helping Indian households save up to 65 percent electricity. Currently, the startup has more than four lakh fans installed across the country.
(Edited by Evelyn Ratnakumar)